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." >> major funding for the pbs newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> suarez: the prospects for passage of immigration reform, by a big margin, appeared to brighten considerably today. supporters talked hopefully that they'd met demands for greatly expanded policing of the border with mexico. >> madame speaker, i rise to speak. >> suarez: two republicans went to the senate floor this afternoon to announce a potentially critical compromise on a key sticking point for many in the g.o.p. >> americans want immigration reform, of that there is no doubt. they want us to get it right and that means first and foremost securing the border. >> some people
this year. if they remain broadly aligned with our current expectations for the economy, we will continue to reduce the pace of purchases in measured steps through the first half of next year ending purchases around mid year. >> the bonds finished in the red as the blue chip index showed its seventh straight move. all the main s&p sectors closed lowers. the worst performers were defensive sectors. telecons. this is what people had been warning us, look out for those stocks that act more like bonds. that's exactly what happened yesterday. the yield on the ten year treasury, it hit a 15-month high if you take a look at that. 2.426%. this is a concerning move. this morning the dow futures are indicated down triple digits once again. this is on top of a 200 point plus drop yesterday. it doesn't look like there's going to be a quick bounce back, at least not this morning. >> we have a number of newsmakers to help us make our way through all of this, get through these questions raised by the fed bank. including alfred broaddus and former minneapolis fed. we have john stumpf. cisco is going to h
that is something that is likely. you would have to see something happening much bigger in the overall economy. i do not think it is likely. >> during the recession, new home construction dropped by roughly half. now, thanks to supply and demand, we are starting to see what could be a very robust housing market. a great deal will depend on the broader economy. connell: david, thank you. david lee miller four us in the newsroom. great story. dagen: new regulations could create a labor shortage in that industry. connell: added to my long-standing theory. nevermind. twitter founder jack dorsey teaching small business leaders how to harness attention in social media. he sat down with our friend, peter barnes. talking about rates all day long. dagen: hello. connell: hey, how's it going? dagen: that is a big move. connell: exactly.% a big move from where we were. we will be right back with more "barkett now." ♪ i want to be prepared for the long haul. ishares minimum volatility etfs. foa smoother ride. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackr
-- pumping billions and billions of dollars into the economy. is it possible that we have gone from a tech bubble to a housing bubble to a fed bubble? >> it's absolutely a risk. the real question is is this easing? all this billions and billions of dollars, trillions of dollars really of dollars the federal reserve has printed and pumped into the economy. have they created a real enduring economic expansion? can housing exist? can housing keep recovering even without ultra-cheap money? can the housing market keep rising without ultra-cheap money? can housing growth continue? that's the bet that ben bernanke has been making the past couple of years. the question is is the debt going to pay off, or will we be right back in this mess we were five years ago? >> isn't the case when former chairman allen greenspan greens retired, he was pummeled because of the housing bubble. isn't it the case, since greenspan left, we've become more liberal with our monetary supply as far as pumping more money into the monetary supply. money has been basically free for investors and businesses for the past seve
at discussing world trade and what to do about the ailing economy, the two-year war in syria is expected to dominate. susan mcginnis is in washington. susan, good morning. >> good morning, anne-marie. security is tight at the lakeside golf resort where this summit is being held. along with syria, another topic that might come up is some top-level eavesdropping among foreign diplomats. president obama is in northern ireland to meet with world leaders at the g-8 summit. syria is not normally on the docket but is expected to dominate the talks following president obama's move to ship weapons to rebels fighters. >> there are very big differences between the analysis of what happened in syria and who is to blame. >> russia is noun to have given weapons. president vladimir putin says the rebels in syria are terrorists and barbarians who have even practiced cannibalism. >> are these the ones you want to support? are these the ones you want to supply with weapons? >> president obama and pr putin are expected to hold private conversation this afternoon. the conversation comes after a new report r
economy the war in syria is about to dominate. >>> security is tight at the lakeside golf resort where this summit is being held. along with syria, another topic that might come up is some top-level eavesdropping among foreign diplomats. president obama is on his way to northern ireland to meet with world leaders at the g-8 summit. syria is not normally on the docket but is expected to dominate the talks. >> there are very being differences between the analysis of what happened in syria and who is to blame. president vladimir putin says the rebels in syria are terrorists and barbarians who have even practiced cannibalism. >> are these the ones you want to support? are these the ones you want to give weapon ons. >>> the conversation comes after a new report reveals the u.s. and uk spied on ryu shorthand others at another summit. the "guardian" newspaper says it has evidence that they spired on the london summit of 2009 hacking into smartphones and reading e-mails. the source? edward snowden. >> how much damage he did do? the fact is that time will tell. >> on cbs's "face the nation," ch
economies in terms of -- because they need europe to be able to take their stuff. watch for china -- i don't know who's really running that country, but i can tell you this, their deceleration in economics is just incredible. it's not bringing us down. >> china may go down below 7%, 6% growth this err year. we are right now the tallest building in elmira, new york. >> it's the shung kamao bank. >> how do you know about elmira, new york? >> i come to play. >> you do come to play. we may be the tallest building in elmira, new york, but people keep buying the dollar. what are you going to do? go to europe? go to china? they're all train wrecks wait to go happen. >> you can't feed china. that's a big issue. 700,000 recespiratory deaths la year. let's go to john meacham. speaking of smoking, he smokes way too much. john, you look at europe, the g-8, they were all lecturing president obama three years ago. sarkozy, where is he now? who knows? he's probably staying at your place in the south of france. >> oh, no, unh-unh. >> but united states is in this strange position of just sort of crawling a
the economy may not be enough to draw the sim lus in fine 13. what's that mean? in 1937, when we were coming out of the great depression, the white house and congress decided things were bouncing back strong! strong enough that it was time to start closing the deficit by raising taxes and putting less financial support into the economy t. fed agreechltd hey, come on, man, it was a first class disaster. >> the house of pain! >> it turned out to be a recession within a depression. now the president and congress have raised taxes as a part of the fiscal cliff deal. they agreed to the sequester, which was supposed to cut the defend spending. it is impacting a lot of little programs the media isn't focused on. wetion heard much about it. the fact that they're at 52-week highs, makes it seem like the sequester doesn't matter at all, who cares? government just doesn't know what it's doing. that's not the point. the point is neither the president or congress is doing anything extra substantive to get it moving beyond what it's done. we have for the interstate highway to build out over ike. we have n
to start closing the deficit by raising taxes and putting less financial support into the economy. fed agreed. hey, come on, man, it was a first class disaster. >> the house of pain! >> it turned out to be a recession within a depression. now the president and congress have raised taxes as a part of the fiscal cliff deal. they both agreed to the sequester, which was supposed to cut defense spending. it is impacting a lot of little programs the media isn't focused on. we haven't heard much about it. the fact that they're at 52-week highs, makes it seem like the sequester doesn't matter at all, who cares? government just doesn't know what it's doing. that's not the point. the point is neither the president or congress is doing anything extra, anything substantive to get it moving beyond what's done. we have no interstate highway to build out over ike. we have no wars, fortunately, like world war ii. we don't have a problem to fix bridges and tunnels. i often think the pipeline companies and google, google are doing more to help infrastructure and the government. into the breech comes ben
anticipated meeting on the economy. and the result of that meeting could affect your retirement savings, your ability to sell your home, buy a home, your 401(k), your cash. the list goes on and on. as we know, everyone sits with bateed brea bated breath waiting for the voice of ben bernanke. christine roman, good to see you. we're hoping you can translate some of the fed speak in language we can all digest. i know this is your beat. tell me, we're awaiting this statement. what will you be listening for? >> what we know is we have seen the statement. we know there's no change in the amount of bonds the fed is going to keep buying, that stimulus into the economy. no change in its interest rate target. really i would say overall no change from the fed right now. and that is what so many people wanted to know. will the fed chief, will ben bernanke, continue to stimulate the economy. they're putting $85 billion every single month right into the economy by making these bond purchases. what we can tell you, the statement from the fed, that's going to stay the same. they are not announcing how, when,
stuart. all eyes and ears on bernanke. president obama touts our economy during a news conference with german chancellor. they have been back in the skies for just over a month, but the boeing 7873 minor, there is more problems there. walt mossberg is back. he says intel has not been out of the park. ♪ connell: a big day today. we have walt mossberg. it has been a while. dagen: new and improved walt mossberg. connell: we are waiting on bernanke. we begin with nicole petallides. nicole: good morning. the dow jones industrials were down about 21 points will be kicked off this morning. they will let us know what they are thinking and following back, we will have bernanke answering questions. you can see the major averages down slightly to the downside. it used to be if the fed did this, the market would do this. because of the action and volatility that we have seen, the only thing is the market seems to move. every word means something else. if they taper, it means that the economy is getting better. connell: thank you, nicole. all eyes are on german bernanke. dagen: peter barnes
. there haven't been a lot of good things, the nsa stuff in particular. the economy is beginning to look a little firmer. and so, usually, that is the fundamental push in the trend line. so, yeah, there is a little surprise there. >> bill: you know, all of the talk about -- of course, benghazi, the irs, the department of justice and then, as you points out, the nsa. it all had its impact the. on nsa, the president said the intelligence community has to explain what this program is all about. they made their first attempt saying this has foiled 50 different terrorist plots. do you think this buries the issue and americans will accept it and go along now? >> there are a couple of different layers to the issue. one is: do -- -- does the public generally accept the notion of vacuuming up all of this data? if it is persuaded that this is what is necessary to stop terrorist actions. my guess is the public would be split but basically lean towards favoring it. and as we have seen over the past couple of weeks in polling on this stuff. the second is: does the
was, were they propping up the economy and stock market or can it fly on its own? that what we'll wait and see. if i'm a retail investor with a 401(k), hold tight, see what happens. it will be volatile for weeks, probably months at this point while the fed figures out how to get the stimulus out. ultimately, it will shake out to a normalized level. the underlying economy is good so i'd freak out a little bit, but ultimately just wait. >> we want to have the economy stand on its own two feet, but that's the thing here. 401(k) investors, they're not active traders, and the people trading here are probably booking profits from this huge run-up we've had. >> yeah. what it is is a very professional market right now, and you've got traders who love volatility, cashing in on this. we had a pretty tepid market for a while, wasn't a lot of daily motion, and then the fed said we're going to pull out stimulus and you've got big swings up and down. we could pop back up today, so this is a professional trader's market, not for the amateur, mom-and-pop investor. best thing is to wait it out at this
about the underlying economy. >> it's the economico outlook. >> you don't think he'll use the word? >> i don't think he'll use the letter. >> people will ask questions. >> but as long as -- as long as it doesn't start with a t. if there is a t in the world somewhere, he may use it. >> we could have a drinking game. first question has to be about tapering. will use the word taper. >> either tape ever or your ter. >> i was at a party with a drinking game, but it was with lemonade. makes no sense. they're practicing for the day when -- legmonade, you'll just get sick. >> that's okay. learn a lesson. >> i know. >> let's take a look at europe. again, futures are indicated higher and that may be because the expectation is that the fed will in fact slightly lower their economic outlook. if that he another case, you would expect they would not be pulling qe anytime soon. but right now the market is barely bunching in europe. in asia, you can see the nikkei was up about 1.8%. so volatility continues there. hang seng down by just over 1%. oil prices right now are indicated up about 50 cents. wti i
, dana, you would think maybe he would talk about the global economy because, you know, germany's still very much struggling with its economy. it's so much tied to the united states. why not talk about that? >> well, it's hard to imagine it's not going to be at a least implicit in his speech. but one of the things that people may not know about president obama is that when he was here in the capital, when he was senator obama, that issue, the nuclear issue, was something on the top of his priority list. in fact, when he was campaigning in 2008 and making the point when he got to the general election that he could work across the aisle with republicans. one of the examples he could give is working with former indiana republican on the nuclear issue. that they even traveled together on it. this is actually something, he wasn't here very long as a senator. he didn't even finish his first term, but this is something when he was here briefly he did focus on. the other quick thing i want to point out, gloria talking about the big crowd of 2008 and the much smaller crowd here now that he's pre
.s. economy, but there would be a road map for when they would stop doing that. the u.s. economy was strong enough to get on its own two feet and unemployment rate got back 7%. take their foot off the accelerator is the way the fed chief put it. overnight, world markets started to react saying all the markets that had benefitted from the big flood of fed money into the world economy and all markets having a pull back to what would be the reality when the fed is not in the game. you see the dow down about 69 points right now and down 72. we'll continue to watch. we have seen triple-digit declines the last six or seven days in a row, carol. >> then it goes right back up. such a weird thing. >> very volatile and i'll let you know how this is playing out and whether they can absorb it all right today. >> thank you, christine. >>> other stories we're covering this morning. senate negotiators are expected to announce a deal today on an immigration reform bill that would increase border security as cnn first reported yesterday. the plan would double the number of patrol officers from the current l
national security but invests in the economy. it's more about who we are. i'm very hopeful. >> senators get back to work on capitol hill behind me in this 15 minutes. we expect to hear from senator reid. back to you. >> joe biden is one in the immigration leading the charge for this. >> it's time to provide a fair, reformed unfettered pass to citizenship for $11 million undocumented immigrants. >> he spoke at a awards banquet in las vegas and says this is part of the future of america. >>> and san francisco state senator leland yee will hold a news conference in support of immigration reform. he will unveil a measure that pardons 11 million immigrants and branses them similar immigration rights as same-sex couples. >>> a new volunteer center has been launched for sierra lamar. they've moved to central high school. it used to be at burnett elementary. sierra's father, steve, made the move will allow volunteers to rico -- refocus on finding her. now, antolin garcia-torres has been charged with her murder. >>> a shooting happened about 10:00 at 6th and natoma. the victim was shot twice but is
indicator. how good is the economy generally? fedex earnings tell you. they're telling us that business is pretty good. so, nicole, what's happened to fedex stock in the early going? >> what we're seeing is the stock is up 1.7%, and international package volume is lower, and they face intense competition, they said that the folks were switching from the more expensive price here, premium package sending to lower cost options and the stock is up 1 1/2%. so, i don't know, enlighten me. and what is the good news here? it didn't seem like good news to me, or at least not yet. >> i'll give you good news from an investor point of view. >> what more do you want, young lady? okay. i checked the dow, as we suggested, flat to slightly lower, and 15 seconds of business. two other stocks that we're watching, tesla, they recalled 800 of their model s electric cars, there's a problem with the mounting bracket in the back seat. it's dead flat this morning and then dreamworks animation, they put the shrek franchise and more on netflix and make an animated series for netflix and their television busines
they may buy back bonds later this year because the economy in their view could be improving. this has all kinds of implications especially for interest rates. they kept artificially low fuelling the rebound of real estate prices for instance they helped fuel the slow recovery. >> i think the market is saying the fed believes this economy to be stronger than we do. but we don't believe you that if you take away the stimulus this economy won't be able to stand on its own two feet. until we see otherwise we are going to be concerned that this low trajectory economy can be at risk of dangerous down draft. >> we knew it would impact sometime that the fed would have to dial back on the bond buying spree 85 billion a month taking the foot off the it was pedal. the food news these can lead to buying opportunities. may be something of a rebound today. dow futures are up. >> doug luzader live in washington, thank you. >> it is the first day of summer and we are kicking it off with extreme weather. >> maria molina is in our weather center tracking heavy rains in parts of the country. hi maria. >> go
: investors say the storm is, in part, because of some good news about the economy. last month, employers added 175,000 new jobs with unemployment expected to fall below 7% next year. existing home sales are also picking up, posting their best month in 3 1/2 years. but recovery from recession mean he is the federal reserve could pull back on its stimulus pro, which has pumped billions into the system to help drive growth. >> our economy is getting better and now it's time for us to see how we can do it on our own. >> reporter: potential shift by the fed has shaken some investors who feared the economy is not as strong as it seems. some also worry record low interest rates could disappear. already, mortgage rates have climbed above 4% for the first time in a year. market watchers say the volatile week is a sign of coming deterrence with the new reality. >> once we get through that period, i think we are going to realize that we are going to be okay and things will get back to normal. >> reporter: now, financial advisers say the best advice for average investors not to panic, to stick it ou
than 500 points lost in 48 hours as economists tell us that the economy is finally on the mend. what's going on here. rebecca jarvis leads us off. >> reporter: today's big drop is part of a roller coaster week for your money. the dow up or down triple digits every day. so what's driving the volatility? actually, good news. >> we are stronger, we are. our economy is getting better. >> reporter: the best month for existing home sales in three and a half years. and improvement in jobs. all of this means there's less need for this man, fed chairman ben bernanke to keep pumping billions into the system. >> the easiest way to say is that we have had training wheels on our economy for quite some time now and now we're getting word that these training wheels are going to have to come off, slowly come off and we're going to see if we >> reporter: the uncertainty also leading to higher mortgage rates, now above four percent for the first time in a year. but still some of the cheapest borrowing in history. for example, in california, the turnbull family can buy their dream home for about $2,000
about the economy. last month, employers added 175,000 new jobs, with unemployment expected to fall below 7% next year. existing home sales are also picking up, posting their best month in 3 1/2 years. but recovery from recession, means the federal reserve could pull back on its stimulus program, which has pumped billions into the system to help drive growth. >> our economy is getting better. and now, it's time to see how we can do it on our own. >> reporter: the potential shift by the fed has shaken some investors, who fear the economy is not as strong as it seems. some worry that record-low interest rates could disappear. already mortgage rates have climbed above 4% for the first time in a year. market watchers say the volatile week is a sign of coming to terms with the new reality. >> once we get through that period, i think we're going to realize that we're going to be okay and things are going to get back to normal. >> reporter: financial advisers say the best advice for average investors is not to panic, to stick it out. they know overall the dow is still up more than 10% this
to stop at some point, albeit slowly. the faucet will turn off slowly, and it's time to see if our economy can stand on its own. >> that would likely mean mortgage rates will continue to rise. after hovering near historic lows since the end of the recession, rates have ticked up since the beginning of the year and that could slow the housing recovery. >> once we see the rates start to move and we're starting to see it, there might be a little bit of a panic there that you're missing out on opportunities. >> but the reason for fed's decision to stop the bond buying program is improving economic data. ben bernanke says he's expecting the economy to grow. experts say it's a by-product of a brighter economic future. >> we love this. this is what we live for. when you have these kind of -- this kind of volatility, this is a dream for us. that's why you're in the business. >> this is when you make your money. >> exactly. >> the dow is still up about 12% since the beginning of the year, so many investors are looking at this week's selloff as an opportunity to snatch up stocks at a discount. anne-
into the economy each month. >> gradually reducing the pace of purchases. >> reporter: the second, overnight thursday bad news from china. manufacturing production fell. the economy isn't growing as fast as it had been. the pros say this was bound to happen after months of gains and record highs. in fact, the fed pulling back is a sign the economy is getting better. >> there's no fear or panic going on. we know it's going to be a nice, slow, orderly process to see if our economy can stand on its own again. >> stocks were only part of the bad news. a metal meltdown. gold, the filter is dropping like a rock, losing a quarter of the value this year. don't be afraid to peek at your 401(k). after yesterday's dramatic drop, the dow was up 12.5% this year. >> everything was moving yesterday. interest rates on treasury bonds hit a two-year high. higher mortgage rates, higher car payments could be around the corner. don't despair. stock futures in the u.s. are up a little bit so far. we'll keep monitoring it. >> you used a swear word before we went on air. >> i did. i said darn, that was a horrible d
are a bit higher as a sign the overall economy is strong and these are good things. i would think that would be good for the market and investors. >> reporter: ben bernanke is talking about a growth rate of 2.5%. and he's not talking about a flood of new jobs coming into the economy tither. he's got to quit the printing money at some point. he's hinting he will do it soon but he's not leaving a strong underlying economy underneath it. that's why to some degree you have got the selloff in the stock market. martha: an all female jury will decide if george zirmman committed murder when he shot and killed teenager trayvon martin. today we expect we'll hear whether a potentially critical piece of evidence will be admissible during this trial. phil keating is live in miami. this hearing focuses on that 911 call we heard so much. in that call we hear the gunshot, right? >> right. this is potentially decisive expert testimony money that can persuade this jury to go guilty or not guilty. whether it's george zimmerman's voice or trayvon martin's voice screaming in the audio tape. even saying quote, i'
within the economy. you point out that highs in his -- house is a primary beneficiary. the fed is as responsible for managing as they are for anything else. to the extent that they're looking to manage the bubble that has formed, whether it be equities, the form of stocks, housing, absolutely. this is part and parcel with the context for the fed is basically saying at some point we're going to have to pull the punch bowl away from the party. it looks like sooner than later, and this speaks to that. ashley: from an investor's point of view given the volatility in stopping this, you expected will continue through the summer, what can you do as an investor to play in this environment? >> in this type of environment you want to manage risk. that is the first quarter of the day. you want exposure. and if you have the decisions that you feel compelled and meet your objectives, you can hold on to them and hopefully there are dividend payers and certainly they have a very consistent track record in terms of equity performance and driving revenue top and bottom line growth. expose yours
of money they're pumping into the economy each month. >> we will ease the pressure on the accelerator by gradually reducing the pace of purchases. >> reporter: the second, overnight thursday, bad news from china. manufacturing production fell for the first time in eight months. a sign that one of the world's most powerful economies isn't growing as fast as it had been. the pros on wall street say this was bound to happen after months of gains and record highs. and in fact, the fed pulling back might be a good sign that the economy's getting better. >> there is no fear. there is no panic that's going on. but i think we do know that it's going to be a nice slow, orderly process to see if our economy can stand on its own again. >> reporter: that doesn't make yesterday any prettier, and stocks were only part of it. a metal meltdown. 2 1/2-year lows for gold and silver. gold, the shelter from the storm in the recession, is dropping like a rock, losing a quarter of its value to far this year. don't be too afraid to peek at your 401(k). even after yesterday's dramatic drop, the dow was up mo
is because ben bernanke said we might taper back from this printing. >> we might end it if the economy gets better. i don't believe they're really going to do this. >> steve: you don't? >> no. i don't think ben bernanke will be replaced by janet yellen who is into printing money. i think they will not allow the obama economy to rest on its own. they will keep printing money to keep this feeble economy. if you stop printing money, then all the impact of obamacare, higher taxes, all the regulations that this president has imposed, those chickens come home to roost and forget about the 3% growth. we'll have 1% growth if we're lucky. >> steve: we probably have 3% growth because of this printing of the money. >> right. >> steve: i know you don't think it will happen any time soon. but if it did happen next month what, would happen? >> if he stopped printing money next month, the market would go down to 12,000. i've been on tho thank show and i said if he keeps printing money, there is no stopping it. >> steve: you say 20,000? >> if he keeps printing, dow 20,000 in the next couple years is feasib
-thirds of americans rate the current economy as before. the poll also indicates a positive trend: the number of those who rate the economy as good as ground steadily since the end of last year-up nearly 10% from last december. overall, optimism that the economy will improve is split almost down the metal. 50 percent predict they will be better off a year from now, 49 percent say things will get worse. >> if you think about starting a business, calif. just might be the state for you. according to the kaufman index of entrepreneurial activity and a list of 10 states saw more start of activity than anywhere else nationwide. here is a look of the top 5- montana, vermont, new mexico, alaska, and mississippi. coming in at no. 6 is california. in 2012, the state had a starting rate of 410 per 100,000 adults. the coffin index says that california has major advantages including a strong talent base, an estimatestablished network of venture-capital, a big consumer market, and top not to private and state research schools. a government analyst says the merger of american airlines and u.s. airways would reduce c
later this year if the economy continues to improve. >> a choppy volatile summer. i would expect us to end the summer below or where we are now. >> many investors say the sell- off, what they always say, an opportunity to buy discounted shares. >>> in less than an hour thousands will kick off the susan g. komen three-day walk for breast cancer cure. this will be the last such walk here in the bay area. kpix 5's sue kwon joins us live from the starting line in corte madera with that. >> reporter: bright and early people lacing up ready to go in their hot pink getting ready and registered for open ceremonies to begin around 7 a.m. this is going to be a three-day walk. 20 miles today goes through the presidio where they will camp out tonight. all in all going about 60 miles. as you mentioned this is the last event in the bay area. the charity has canceled half of all its three-day walks including boston, chicago, tampa bay, washington, d.c. and her in the bay area and the reason why? they cite low participation, economic uncertainty, and a low donation rate. but, you know, this also
. and then tomorrow, fed chief ben bernanke will talk about the economy. investors are hoping he'll clarify what he said last month about the fed possibly dialing back it's bond buying program. >>> ahead of that federal reserve meeting, tokyo's nikkei lost a quarter percent while hong kong's hang seng was mostly flat. >>> on monday, investors guessed the central bank will prop up the economy. so the markets went up. the dow climbed 109 points, while the nasdaq rose 28 points. >>> standard & poor's lowered ford motors stock from buy to hold. the market index claimed ford's losses in europe which are expected to reach $2 billion this year. but s&p did say pickup sales in the u.s. should help the automakers see strong profits. >>> a big coup for netflix. starting next year, they'll be joining forces with dreamworks. the agreement is said to include 300 hours of new tv episodes. financial details have not been released but it's expected to be worth several hundred million dollars. the deal will help netflix compete with premium channels like hbo and showtime. >>> and homemade never looked so good. many
program. after a two-day policy meeting wednesday the fed updated the outlook for the economy and bernanke said that's why the fed will most likely slow down its stimulus program. >> the committee currently anticipates it would be appropriate to moderate the monthly purchases later this year and if the subsequent data remain broadly aligned with current expectations for the economy, we would continue to dries the pace of purchases in measured steps through the first half of next year, ending purchases around mid-year. >> bernanke also expects the unemployment rate to fall to 6.8% by the end of 2014. on wall street bernanke's words spooked investors. the dow dropped 206 points and the nasdaq fell 31 points. >>> tokyo's nikkei dropped nearly 2%. hong kong's hang seng lost nearly 3%. >>> well, the irs is caught in another controversy. the agency says it's has to pay $70 million in union bonuses. some republicans want the irs to follow a white house directive and cancel them. in april the obama administration ordered all agencies to stop handing out bonuses bought of automatic spending cuts. >
borrowing will soon come to an end as the economy continues to improve. but as cnbc's maria bartiromo points out, there may be a silver lining. >> every time we've seen a sell-off of 5%, a lot of people were expecting a correction of 5% -- each time we've seen that, that selling has been met by buyers. they call it the so-called buy on the dip mentality. >> well, nbc's tracie potts is live in washington with all the details, including what all this means for homeowners. tracie, good morning. >> key point, mara. good morning, everyone. the impact of all this, maybe you're not heavily involved in the stock market, but if you're trying to buy a home, we've already seen interest rates start to creep up. they will likely creep up even more as the fed starts to pull back its support. that means you could have less for your money in terms of trying to buy a home. but take a look at what the housing market has been doing, self-correcting. in may, 5 million homes were sold. that's up about 4% in a month, up almost 13% in a year. the median home sales price right now, $208,000. that's up 15% over year
. the faucet will turn off slowly and it's time to see if our economy can stand on its own. >> reporter: that would mean mortgage rates will continue to rise. after hovering at historic lows they are at the highest level in a year. and that could slow the recovery in the housing market. >> once the rates move higher and we are starting to see it, there might be a little bit of a panic that's there that you're missing out on opportunities. >> reporter: the reason behind the stoppage of the bond buying program can be found in improving economic data. ben bernanke says he expects unemployment to fall and the economy to grow through the next year. so while the markets might experience short-term volatility, experts say it's a by-product of a brighter economic future. >> we love this. this is what we live for when you have this kind of volatility. this is a dream for us. that's why you're in the business. >> reporter: this is when you make your money? >> exactly. >> reporter: the dow is still up about 12% since the beginning of the year, so many investors are looking at the developoff as an
at 5:00 and 6:00. >>> right now the leaders of the world's largest economies are attending dinner in ireland. president obama met with vladimir putin with syria at the top of the agenda. the issue is reminiscent of the cold war era with the u.s. and russia on different sides of the table. russia supports bashar al assad. the u.s. supports the other side. >> that summit is playing out amid allegations that the u.s. helped the united kingdom spy on diplomats during a previous summit. according to "the guardian," british hacked the phones and e-mails of britain. documents from edward snowden, the man who says he is behind the nsa leak. >>> if you live in virginia, you helped pay for vitamins for governor bob mcdonald's dog and other personal items, including his sunscreen and body wash. according to "the washington post," the mcdonald's used taxpayer money for stuff that they should have bought on their own. they billed the state for things like shoe repairs and their kids' dry cleaning. "the post" claims that someone even told them that they should be paying for the items themselves
relentlessly pumping into the economy. >> based on its review of recent economic and financial developments, we see the economy starting to go at a greater pace. >> in the world of the federal reserve thatasses for tony soprano-style drama. stewart varney, the anchor of varney and company. explain what ben bernanke said and why it got such a reaction. >> reporter: ben bernanke threatened to take away the biggest economic stimulus program we have got going for us right now. at the moment ben is printing a trillion dollars a year. he's threatening to reduce that to zero as the mid of next year. the immediate result is bad news for homeowners because interest rates are going up. home buyers. it will be tough to get a reasonably priced mortgage. and your 401k goes down. president obama is stuck. this stimulus has been taken away. he's got obama-care which has been labeled a train wreck. ben is likely to take away a very good stimulus program. martha: we will final out if this improving economy is a emperor with no clothes. what is that going to mean for everybody out there? >> you are asking the qu
year and they're concerned what the fed is going to do when they stop supporting the economy probably some time into next year. you'll see this gut check where people are taking money off the table. >> christine romans reporting live from new york city, thank you. >>> six women, six women, just women would decide the fate of george zimmerman and remember race could be a key factor to this case. five of thez women jurors are white. one is described as hispanic or black. opening statements now set for monday. also, today the judge will rule on a controversial voice analysis of the screams heard on this 911 call. >> does he loohurt to you? >> i can't see him. i don't want to go out there. i don't know what's going on. >> do you think he's yelling help? >> yes. >> all right. what is your -- >> all right, you heard the screams in the background. the prosecution wants to show it was trayvon martin's voice. if so, that could hurt zimmerman's self-defense claim in shooting zimmerma eme eme em was unarm aed. >>> also new information this morning in the sudden death of james gandolfini. hotel s
, are very focused on trying to restore the faith in government, as well as their faith in the economy. >> canter said he believes the recent hearings on capitol hill, many launched by his fellow republicans, will not only help gain clarity on controversies but prevent similar controversies in the future. >>> big dad of big business and big government. according to apple, federal, state and local authorities made between 4,000 and 5,000 data requests about apple users in the last seven months alone. anchor of "your money."is the so, do we know how many of these were related to national security? >> no, we don't know exactly how many were related to national security. what companies say is they can only tell us all federal, state and local law enforcement is 4,000 to 5,000 requests covering accounts or devices. but what we do know, apple says most of these are related to typical police work. what do we mean by that? missing persons and looking for someone with alzheimer's and trying to prevent a suicide and mreesz crime investigations like cyberstalking and the like. that i what most o
business issues. the possible move south could pump $130 million in san jose's economy. the numbers have sounded good to the owners. >> i think we would benefit as well as all of the businesses if there there was more to do and see. >> the giants had no comment on the lawsuit. in san jose, lisa amin gulezian, abc7 news. >> a's fans in oakland are not in favor of the team moving south. neither is mayor gene quan. >> they may have lawsuits, but we have fights. i have been saying to major league baseball that we are ready. let's play ball. >> we are east bay. no way going san jose. >> the oakland coliseum ranks as one of the worst in baseball. a a couple of days ago faulty pipes dumped sewage into the team locker room creating a real mess. >>> we are getting a lot of comments on our facebook page about this story. if you would like to join the conversation we would love for you to do that. go to facebook.com/abc7 news. always glad to hear from you. >> the reward to help find a killer after a traffic accident last week increased to $theater,000 today. to $30,000 today. he was gunned down aft
bond buying program later this year if the economy continues to improve. the rifely between the biggest social media. the newest feature for instay gram and how crucial it is to come up with the next big thing. instagram isn't just about photos anymore. the popular photo sharing company announced its millions of users can shoot and share 15 second videos and colorize them for dreamy or dramatic effect. but the biggest innovation is cinema, which takes the shake out of your shots. >> this is the normal video, and this is sin ma, gorgeous video for your iphone. this is thoriginnal, and this is with instagram. >> facebook hinted something big was coming and it needs a hit. its rival social network has a new app, which lets users upload six second clips. >> makes sure it had a hole on its competition. we needed to play catch up with twitter. thanks to the popularity, facebook had to up. now things have gone nuclear, that's due to the explosion of mobile devices. >> it depends on what your friends are using. >> updating status all at once. >> favorite social media at the moment. >> tw
buying program if the economy continues to improve. >> i think we'll have a choppy volatile summer. i expect us to end the summer below or at where we are right now. >> it's an opportunity to buy. buy low. sell high. the stock market is still up. double digits for the year. >>> the fbi has a guy on the most wanted list. he hasn't murdered anyone on blown anyone up. he's wanted for mail fraud. bruce lee marshal has been on the run since may 17th. he's charged with tricking a former employer into paying $100,000 for contracting work with a fake company he invented. >> in this particular instance, he portrayed himself as being able to set up a company that could provide services to a start up company, when in fact it appeared that he did not provide what he said he could provide and was paid for much of those services. >> he's 5-10 with black hair and brown eyes. he's trying to find a job as a software engineer in the san francisco or san jose area. >>> coming up, an infamous bay area killing comes to life on the big screen. the red carpet debut in the city where it all went down. >>> se
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by the french and germans? >> on the economy it's pretty good. but there's a whole other part of discomfort, if you will, with some european leaders and it more has to do -- their reaction to president obama is just like any other politician's reaction to a politician that may not be as popular as they once were. president obama, the nsa things do not play well over here. there has been a frustration by some on the left in europe that president obama hasn't addressed the issue of climate change more aggressively. that's always been a much more important issue to europeans than it ever has been in the united states. and you sort of take all of that into account and so there certainly is -- you know, the shine has worn off. two years ago when president obama would come over here, you know, you know, figuratively throwing rose pe petals at his feet. he still has a huge audience a few hours ago in belfast for a speech he gave that was addressing northern ireland youth. he's going to get a huge number of people at the brandenburg gate when he makes that speech on the 50th anniversary of jfk spee
enthusiastically taking a lead role, but the economy and sequestration have done a number on the funding delaying plans. so is the 2018 opening date realistic? >> i think that's a reasonable target date but i guess i would make that a pretty soft date. >> reporter: but nothing worthwhile is easy. this is a vote of confidence in richmond's future and just as important, the children. there are plans to expand the university and lab's involvement in the schools. so one day, richmond's children can aspire to be the scientists at this site. >> they will now have something that represents more of the future than their proud past and we're very proud to be part of that. >> reporter: there will be a community meeting tomorrow so that the lab at the university can tell the public their long range plans and the public can weigh in. we are expected to hear some concerns about traffic in the surrounding area. but allen, unlike many, many projects throughout the in the past, here, people -- throughout the bay area in the past, here people want to see it done and are working together. >> thank you. >>> by the
on the powerful stimulus that they have been adjusting the economy with. >> the committee anticipates it would be appropriate to moderate the monthly pace of purchases later this year. broadly aligned with current expectations of the economy we would continue to reduce the pace of purchases in measured steps ending purchases around mid year. >> explicitly ending the bond buying program around the middle of next year. that would come -- after that the subsequent hieblg in interest rates that's expected in 2015. that is what has people nervous. >> stocks reacting badly. >> take a look at the dow. the dow tumbled 206 points at the closing bell. we saw bond yields rise. topping 2.3 percent of the highest in 15 months. the worst performing stocks yesterday were those that trade similar to bonds like telecom as well as utilities. >> hopefully we will see a bounce back. f futures are looking terrible. asian stock selling off europe is lower. future is here for the dow. 91 points. >> thanks debbie downer, lauren simonetti. >> when interest rates go up people who save money will make money. >> true. th
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